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When someone passes away, their estate has to be passed down to the next generation or other beneficiaries. If they have an estate plan and a will, that will be used in the distribution. If they do not, then it is known as dying intestate. State law will make the...
Testators creating estate plans often have specific beneficiaries in mind. They want to provide support for certain individuals, including their dependents. In some cases, the dependents that testators hope to support after they die may include household pets or other...
New parents have more of an incentive to estate plan than most other adults. They want to ensure the safety and well-being of their new children. It is easy to put off estate planning immediately after the birth of a child. There is an adjustment period as new parents...
Losing a loved one is stressful enough without the added worry of debt. Many families in Virginia wonder if they will have to pay a relative’s bills after death. What happens to debts after death In most cases, your family does not pay your debts. When you die, your...
When looking at the rules for probate proceedings, certain details tend to stand out. For example, those hoping to bypass or streamline the probate process generally have to show that an estate is relatively small to qualify for that option. A small estate affidavit...
Many people believe estate planning is something to worry about during retirement. The truth is, it's a critical step for everyone, especially for young professionals and growing families in Virginia. Starting early is not just a good idea; it provides essential...
A life insurance policy can be a very significant gift to give to the next generation. You may have purchased a policy that will make up the bulk of their inheritance, leaving them significant financial assets. When you pass away, you know that the life insurance plan...
An estate plan can be used for many different things that will likely happen near the end of your life. For instance, your estate plan could include a living will or a medical power of attorney, determining how medical decisions should be made if you are...
In recent years, many people have decided to take a relatively non-traditional approach to estate planning. Instead of passing everything down to family members, some are choosing to create purpose trusts, arrangements designed to fund causes they care about for years...
Nursing home care in Virginia can cost over $100,000 a year. Without planning, these expenses can drain your savings and reduce what you leave your family. By acting early, you can prepare for care and protect your assets. Understand Medicaid’s rules Medicaid covers...